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30 July 2008
First Rate reveals Olympic surge in Chinese yuan currency sales
First Rate Exchange Services is reporting that sales of Chinese yuan by the Post Office® network have risen by 44 per cent compared to last year, ahead of the Olympics1 And it’s advising foreign currency retailers to get set for an even greater demand for yuan over the next few days as UK travellers prepare to visit Beijing during the Games.
First Rate is the wholesaler behind the Post Office®’s market leading foreign exchange service. In February this year it provided the Post Office® with a yuan on demand service to allow its retail outlets to meet the increased demand for the currency.
The British Olympics Association has so far sold some 35,0002 Games tickets to people in the UK, and is now only selling to athletes’ relatives. With airlines now slashing costs it’s likely that last minute bargains may attract even more UK travellers to Beijing just to soak up the atmosphere. Six months ago, return flights with British Airways started at £1,500, or £1,200 with Air China. Now, however, tourists can fly with BA for £9703 or just £385 with Air China.
Gordon Gourlay, Managing Director at First Rate, said: “The demand seen by Post Office® for Chinese yuan highlights the need for foreign exchange providers to be adaptable in their currency provision. It’s certainly a sign to current and potential foreign exchange retailers of the benefits, both in terms of revenue and enhanced customer service, which can be reaped by adding on an on demand currency offer to meet customer demand at peaks in travel driven by key international festivals and sporting events.”
First Rate is the UK’s leading provider of foreign exchange services to foreign currency retailers, Its yuan on demand service is just one of a wide range of white labelled foreign exchange services available to businesses large and small across the UK.
First Rate’s Travel Money Online solution provides high street and online retailers with a fully integrated online platform, allowing them to offer their customers access to over 70 currencies, notes and travellers cheques, currency advice and secure online payment. First Rate’s Travel Money Online service also allows customers to select their required delivery date, with orders received before 3pm available for delivery the next business day to addresses across the UK.
1 Figures from First Rate’s Post Office® Network Sales Data – period between 16 July and 22 July
2 Source: British Olympics Association / Sportsworld: http://beijing2008.sportsworld.co.uk/public/splash.aspx
3 Source: www.ba.com; February and July; and www.airchina.co.uk; February and July
About First Rate Foreign Exchange Services:
First Rate is the UK’s leading provider of foreign currency services supplying over 13,000 retail outlets with a foreign currency service. It is the UK’s biggest foreign currency notes supplier and Europe’s major provider of traveller’s cheques and in the top five globally. First Rate sources currency through its associate business unit Bank of Ireland First Currency Services, one of the world’s leading wholesale currency operations.
First Rate can provide UK retailers and businesses with the following foreign currency services:
- Travel Money Online – a service enabling the ordering of foreign currency notes and traveller’s cheques securely via First Rate’s white label internet application
- Bulk provision of currency and travellers cheques for currency retailers
- End-to-end consumer order processing – totally outsourced, white label currency solutions for phone, internet or retail outlet order placement
For further information, please contact:
Four Countries Communications
Ruth Barker
Tel: 0207 749 9219
Mobile: 07814 571128
Email: ruth@fourcountries.co.uk
Bank of Ireland UK Financial Services
Sandra Grandison
Tel: 0207 634 3477
Mobile: 07912 298013
Email: sandra.grandison@boiuk.com
First Rate Exchange Services Ltd is registered in the UK and Supervised by HM Revenue & Customs for Money Service Business (MSB): License number 12133160. First Rate is a joint venture between The Governor and Company of the Bank of Ireland (Registered in Ireland and passported into the UK for regulatory purposes) and the Post Office® Ltd. The Bank of Ireland is authorised by the Irish Financial Regulator and the Financial Services Authority for the conduct of business in the UK. Bank of Ireland First Currency Services is a division of The Governor and Company of the Bank of Ireland.